Tag: home ownership

Astute property buyers are increasingly viewing pre-approval for home loans as the first step in the purchasing process. This step helps each buyer understand their budget. It also makes their offer more attractive to sellers.

Purchasing land and building your own home offers many compelling advantages, and for those considering buying a building plot, it pays to do your homework to ensure that the dream doesn’t become a costly and frustrating nightmare.

Finding the perfect home presents a challenge. It involves more than making a solid financial investment. You must find a property that meets your personal needs. The home should align with your lifestyle and feel like home. The challenge becomes even greater when multiple viable options exist.

In many African cultures, the conclusion of lobola negotiations marks a major milestone. It symbolises the formal union of two families. While this deeply rooted tradition is widely embraced, fewer people understand its impact on homeownership.

Property is the largest investment most people will ever make and there are reams of legal and financial documents peppered with terminology throughout the lengthy process which all need to be understood and navigated, not least the condition report and how it pertains to the voetstoots clause.

Affordable housing remains a complex challenge, with varying interpretations of what ‘affordable’ actually means. According to the World Bank, housing is considered affordable when it costs below 30% of the average household income.

In a realm marked by economic flux and financial ambiguity, the connotation of "debt" has assumed multifaceted dimensions. While the term itself often carries unfavourable implications, there exists a select set of financial obligations that the citizens of South Africa should not shy away from embracing in 2023.

The journey to joint home ownership can be an exciting one and may improve your chances of being approved for a home loan. However, whether you are financing a home as a couple (married or unmarried), as business partners or even as friends, a home loan is a serious and long-term financial commitment.

Purchasing a home is one of the most significant financial decisions most people make in their lifetime. This requires careful consideration and planning, especially in today's economic climate, where interest rates are skyrocketing, and income is not set in stone.

As interest rates continue to rise, it is more important than ever to put down a deposit on your new home to keep your monthly bond repayments down. Inflation in South Africa rose to 5.9% in April 2022 and by the end of May, the Reserve Bank’s Monetary Policy Committee increased the repo rate by 100 base points to 4.75%.